Deutsche Boerse responded with a forceful statement that it is not in any deal talks. The exchange added that “as repeatedly communicated” it would like to continue on its plan for organic growth.

But there’s a reason Deutsche Boerse shares jumped some 10% on the report: It makes some sense.

The exchange had, of course, agreed to a mega deal for New York Stock Exchange parent NYSE Euronext before governments stepped in and crushed that deal. And while it has maintained ever since it has no appetite to try again, a combination with CME would create an interest-rate giant.